financial service provider Seba Bank announced that it has received an Authorization in Principle (AIP) for a license that allows it to provide various digital asset services to Hong Kong residents.
The approval came from the Hong Kong Securities and Futures Commission (SFC), the people said. statement From SEBA Bank. The move brings the company one step closer to its ambition to operate in the region’s digital asset ecosystem, pending the issuance of the appropriate licenses.
Once fully licensed, SEBA will be able to offer institutional clients a range of services, including over-the-counter (OTC) derivatives and digital asset management services.
“We are thrilled to be at the forefront of innovation in Hong Kong, one of the world’s leading financial and technology centers,” said Amy Yu, CEO of SEBA Hong Kong APAC. “This AIP shows that all our efforts are heading in the right direction. SEBA Group wants to serve cryptocurrency investors in the jurisdiction who recognize the value of digital assets. thinking about.”
Yu noted that SEBA is committed to meeting all of the SFC’s requirements, including conducting regular audits and committing to maintaining best practices in custody of digital assets. According to SFC rules, Virtual Asset Service Providers (VASPs) are expected to clearly separate customer funds from their own assets to avoid asset commingling.
It is unclear when SFC will grant full license to SEBA, but SEBA may be allowed to operate within strict regulatory limits.
“SEBA Hong Kong’s AIP reflects our team’s commitment to compliance and due diligence, which are key pillars of tomorrow’s digital economy,” said Franz Bergmueller, CEO of SEBA Bank Group.
The Swiss-based financial institution has continued its expansionist move in recent months. Southeast Asia As an important region where growth can be expected. SEBA will set up a shop in Hong Kong in 2022 to provide wealth management and other advisory services to companies in the Asia-Pacific region.
SEBA has successfully obtained a Swiss and worldwide license. United Arab Emirates (UAE), and now Hong Kong.
Hong Kong goes all out for Web3
After revealing its plans to become a major Web3 hub, Hong Kong has launched several initiatives to achieve its ambitions. The administrator wasted no time establishing a legal framework for industry players and giving retail traders the go-ahead to trade digital currencies.
Other initiatives include the creation of the Web3 Fund, the establishment of an incubation hub for digital asset service providers, and a commitment to support banking services to global enterprises. Attracted by the initiative, global companies invested millions of dollars to obtain operating licenses from SFC.
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